Crude Oil Futures Rise on Spot Demand
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Crude oil futures gained on Wednesday due to strong spot demand, pushing prices up to Rs 5,385 per barrel. West Texas Intermediate and Brent crude also saw gains in global markets.
New Delhi, May 21 (PTI) Crude oil prices on Wednesday rose Rs 51 to Rs 5,385 per barrel in futures trade as participants increased their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for June delivery traded higher by Rs 51 or 0.96 per cent at Rs 5,385 per barrel in 10,225 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was trading 0.70 per cent higher at USD 62.73 per barrel while Brent crude was trading 1.02 per cent higher at USD 66.05 per barrel in New York.
On the Multi Commodity Exchange, crude oil for June delivery traded higher by Rs 51 or 0.96 per cent at Rs 5,385 per barrel in 10,225 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was trading 0.70 per cent higher at USD 62.73 per barrel while Brent crude was trading 1.02 per cent higher at USD 66.05 per barrel in New York.
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